Cheng, Ping; Lin, Zhenguo; Liu, Yingchun - In: Journal of Housing Economics 20 (2011) 2, pp. 152-157
This paper provides a formal analysis on a well-known issue of the housing market - observable transaction prices are a biased indication of the true market condition if significant numbers of listed properties are delisted without sale. We provide a closed-form formula to identify and correct...